Well folks, the housing market in Champaign-Urbana is waking up like a teenager on the first day of school — a little slow at first, but showing signs of energy!
Let’s break it down in simple terms.
🏦 Mortgage Rates: Still Below 7% (Whew!)
After months of mortgage rates going up and down like a yo-yo, they’ve finally stayed under 7% for a while. That’s actually good news! When mortgage rates are lower, buyers can afford more house — and that means more people are shopping around town.
But why did the rates stop improving lately? Blame it on big words like “tariffs,” “inflation,” and “the Fed.” Basically, some money stuff is making things a little bumpy, but we’re still doing okay.
🏘️ More Homes on the Market
There are more homes for sale now than earlier this year. That’s great because buyers finally have more choices — kind of like getting to pick between pepperoni or sausage instead of just plain cheese.
Here in Champaign-Urbana, we’re seeing more people getting curious about selling. Why? Because prices are still strong, and buyers are back out after a chilly winter.
📈 Surprise! February Sales Went Up
In February, home sales jumped up by 4.2% — even though everyone thought they’d go down! It’s like when you forget to study and still get a B+ on your math test. The National Association of REALTORS thought the cold weather would keep people home, but turns out, buyers were still shopping for homes (maybe they were just tired of their in-laws after the holidays 😅).
🧊 Prices Are Holding Strong
Across the country — and especially in the Midwest — home prices are going up, not down. In fact, Chicago and Detroit saw big gains in January, and Champaign-Urbana is riding that same wave. Local prices may not be jumping like a rocket, but they’re steadily climbing like the Illini trying to make the Final Four. Go team!
🚗 What’s with the Car Tariffs?
You may have heard that imported cars might cost $6,000 more because of new tariffs. That could make used cars more expensive too. So if you're thinking about buying a car and a house this year… maybe do the house first. You can live in a house — you can’t sleep in a sedan (well, not comfortably).
🏢 Renters Still Have Choices
Even though rent prices went up a little in March, they’re still lower than last year. That’s because there are a lot of new apartments out there. It’s kind of like when too many pizza places open on the same block — they have to keep their prices down to stay competitive.
So, What Does It Mean for Champaign-Urbana?
Here’s the good news:
More homes are for sale
Buyers are coming back
Mortgage rates are still decent
Prices are steady, not scary
If you’re thinking about selling your home, now’s a smart time to prep. I use my Exclusive 10-Day Selling System to help sellers net more money — fast.
If you’re buying? There’s more to look at, and it’s not quite as crazy out there as it was a year ago.
Let’s talk about your next move before the market gets even busier this spring. Give me a call — I’ll bring the real estate knowledge, and maybe even a cup of coffee (cream and two sugars, right?).
Max Mitchell
📞 217-369-0376
📧 Max@MaxMitchell.com
🌐 www.GuaranteedSoldByMax.com
Helping you move smart — and move fast.